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cashout

by lazerwerks740 from , California. Jul 22nd 2015 Reply


Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

If you have equity in the property there is a chance yes. What exactly are you looking to learn more about?

Jul 22nd 2015
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Currently work outside the USA, my wife and mother in law reside at the residence along with my two step daughters and 2 grandsons. looks for a 100000 cash out for debt consolidation and for my wife essential needs. have a 3.75 interest rate.

Jul 22nd 2015
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email only calling would be stickler easier via email unless I call you. would like the same rate or lower if possible.

Jul 22nd 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

Do you file federal income taxes with in the US? If so and your credit is good you should be able to work with a local lender to get something done. Rates are a little higher than your current rate right now however so you payment would be moving up. It would all depend on your needs and wants.

Jul 22nd 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Much, Much more info would be needed to properly answer your question.. But on the surface, here are some issues you might be faced with.. Are you applying or is your wife applying, or are you applying jointly? If you're applying, do you earn income that is reported on a US IRS 1040? Is your income Foreign currency or US currency? Are your supporting documents in English? Is your income subject to US taxes? If you apply on your own, you cannot claim this property as your primary residence unless you reside in the property for more than 1/2 the year, but there are exceptions.. (you work on an oil rig 9 months a year, etc.. ) Otherwise, you will be refinancing as a 2nd home.. 2nd home or investment loans carry a higher interest than a primary residence.. as far as the rate goes, it's tough to say.. are you looking at 15 years or an ARM? What's the mid credit score of all borrowers? What will the Loan to value be? What's the loan amount? etc, etc, etc.. It might be a hassle, but you're going to have to pick up the phone and call someone and let them review your complete loan scenario.. only then will you know what's available to you.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 22nd 2015
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Michael Bardy (LendingPro)
#26 ranked lender in Ohio - 67 contributions

Working outside the US, wanting $100,000 cash out and wanting a 3.75% interest rate... Truly you would like to have a 1% or 0% interest rate I am sure, anyone would. In reality you likely have the same chance of the latter as you do keeping your current rate. I would recommend starting the process by determining if and then what you would qualify for. The interest rate conversation would have to come second once a loan originator could determine what product you qualify for (if you do qualify).Your credit score, the value of your home, your income in comparison to your monthly debt obligation, the reason you are working outside of the country and the nature of your employment will all come into play to determine what can be done.My recommendation is to start at step one and contact a licensed banker in your state to complete an application.

Jul 23rd 2015
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